- The price of UNI soared when the protocol revealed a plan for the introduction of the ERC-7683 Standard.
- The Open Interest reached a new monthly high. Activity increased, and the token may rise as much as $12.
Uniswap [UNI] Unexpectedly, in the past 24 hours, broke out and rose 18.98%. It reached $9.30.
The news that U.S. SEC approval is likely to be approved could explain the sudden surge in interest among participants. Ethereum [ETH] The price of spot ETFs has increased. ETH’s prices jumped because of it.
It was only one part of the story. reason. AMBCrypto’s investigation found that a significant development on the chain and other events were crucial to UNI’s break-out.
Labs are now available with a brand new standard
Uniswap Labs announced on the 20th May that they were introducing a brand new standard of tokens called ERC-7683. ERC is an acronym for Ethereum Request For Comment.
The standard is used for the creation and issuance of smart contracts in Ethereum.
According to Uniswap Labs the standard will improve interchain communication and reduce fragmentation in the network if it is deployed. The proposal read,
“By implementing a standard, cross-chain intents systems can interoperate and share infrastructure such as order dissemination services and filler networks.”
UNI’s Open Interest (OI), a measure of interest in the company, increased shortly after its announcement. At the time of publication, UNI’s Open Interest (OI) was at $64,90,000,000. The metric had not been at this level for more than a month.
Increasing OI This indicates that there is more money coming in to the market. A decreasing OI, on the other hand is an indication of increasing net positions and liquidity flowing out.
UNI to increase prices as demand increases
Comparing the OI with the current price showed that market buyers are aggressive. If the value of UNI increases, its price may rise as well.
Moreover, prediction It is possible that the token will rise higher than March’s high. The OI was not the only change that drove the price hike.
The 24-hour addresses were one of the most important. When active addresses rise, this means a lot of people are using the blockchain.
It means the number of addresses that visit the network has decreased. Santiment data on the chain showed an increase in active addresses for UNI.
The sudden rise in the price of gasoline is a major concern. indicates rising confidence among holders. Most of the time, increased purchasing activity is the result.
Here’s a list of realistic and not-so-realistic images. UNI’s market cap in ETH terms
AMBCrypto also received confirmation that the interest in the volume has increased. As of press time, UNI had a volume worth $346.65 millions.
If this number increases while the price of the token rises, UNI’s value could increase. The price could reach between $12 to $15 in a very short time.
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Source: ambcrypto.com